> **来源：[研报客](https://pc.yanbaoke.cn)** Henlius Biotech (2696 HK) reported strong financial performance in H1 2023, with revenue growing 94% year-on-year to RMB 2.50 billion, driven by sales of its biosimilar and biologic products. The company achieved net profit of RMB 240 million for the first profitable half-year in its history, with improving operating efficiency: gross profit margin at 66.5%, selling expense ratio down to 36.4%, and admin expense ratio reduced to 7.6%. Key products include HANQUYOU (biosimilar trastuzumab) generating RMB 1.28 billion revenue (+57% YoY) and Serplulimab (PD-1) recording RMB 556 million sales, with monthly sales exceeding RMB 100 million. Future prospects are positive, with Serplulimab targeting global expansion, including EMA approval for ES-SCLC expected in H1 2024 and additional cancer indications in development. The company plans to file for Serplulimab in non-small cell lung cancer and is advancing clinical trials for other PD-1 drugs. Financially, the DCF valuation has been revised to HK$14.46, maintaining a BUY rating due to improving profitability and growth potential. The company has a cash position of RMB 759 million and faces ongoing drug development and market competition risks. Analysts have a favorable outlook, with financial models showing steady revenue and profit growth through 2035, though shares have been volatile in the past year. Overall, the report highlights Henlius Biotech's turnaround in earnings, strong product portfolio, and promising future prospects, supported by strategic partnerships and new market entries.